Oil Futures Near $140, Spot $129

FT: The fear of a global oil shortage within five years on Tuesday propelled oil futures prices to well above $130 a barrel, further stoking inflationary pressures in the global economy.

Investors rushed to buy oil futures contracts as far forward as December 2016, pushing prices as high as $139.30 a barrel, up $9 on the day. Veteran traders said they had never seen such a jump. The spot price hit a new record of $129.60 a barrel.

See Also: Boone Pickens: Why Oil Ain’t Going Nowhere But $150

NOW WATCH: Money & Markets videos

Want to read a more in-depth view on the trends influencing Australian business and the global economy? BI / Research is designed to help executives and industry leaders understand the major challenges and opportunities for industry, technology, strategy and the economy in the future. Sign up for free at research.businessinsider.com.au.